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A Relatively More Muted Session for Crude

COMMODITIES
  • WTI crude futures continue to oscillate either side of the 50-dma ($60.29 for the continuation contract) in a relatively more muted session so far for oil markets. The quieter markets come despite reports in the Middle East that an Iranian-flagged carrier came under attack in the Red Sea - a relevant point ahead of key discussion in Vienna between the EU, Iran and US.
  • Weekly DoE crude oil inventories take focus going forward, with markets expecting the figures to have shown a 1.6mln bbl draw in reserves over the most recent week of data.
  • In precious metals markets, both gold and silver are in very minor negative territory despite some further weakness in the US dollar so far Wednesday. Persistent equity strength may be weighing, with the e-mini S&P holding just below this week's all time highs printed at 4,076.00.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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